Cytonn plans Sh70b in affordable housing

Cytonn Investment plans to invest 85 per cent or Sh70 billion of its total investment portfolio in the real estate sector into Kenya’s Big Four agenda’s affordable housing programme in the next five years.

Affordable housing is one of the main pillars of the President’s Big Four agenda under which the government intends to build 500,000 new houses by 2022.

The company said it welcomes the incentives offered by the Government and that it will develop houses that specifically target the low and mid-end users of affordable housing.

“We have already kicked out the process by initiating the design of the housing units,” said regional market senior manager Johnson Denge.

Denge said the planned housing units will be built in satellite areas around Nairobi which have facilities such as roads, communication, electricity, security and water.

“These housing units will also not be established far from the town centre,” he said during an Investments Analysts Open Day.

Once the designs are out, Denge said, they will start looking for land to develop the housing units as per the requirement.

Cytonn Investment chief executive Edwin Dande said that during the past the company has been targeting net worth and institutional investors but also wants to focus on the mid and low end as well.